Brazil’s President set to veto oil royalties plan


Brazil’s President set to veto oil royalties plan

As reported by local media sources, Brazil President Luiz Inacio Lula da Silva said announced he would veto a plan to change the distribution of oil royalties among state governments, paving the way for the implementation of a legal overhaul of Brazil's oil sector.

"Upon receiving the proposal from Congress, I plan to veto it," Lula said during a ceremony in Rio, referring to the royalties plan.

Lula will veto an amendment proposing oil royalties be distributed beyond the three main oil-producing states, allowing him to sign legislation approved by Congress last week while avoiding upsetting oil producing states that receive most of those revenues.

The government has said it would negotiate a more moderate redistribution of oil revenues among other states that do not produce oil, Reuters reported. 


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